[SMM PV Express] It is understood that on September 24, 2026, the State Administration for Market Regulation issued its review decision, unconditionally approving the acquisition of equity in Qinghai Lihao Qingneng Co., Ltd. by Tongwei Co., Ltd. in accordance with the law. The administration stated that although the combined share of the parties in the global and Chinese solar-grade polysilicon markets is relatively high, the current solar-grade polysilicon market has ample capacity and numerous competitors, and the post-merger entity will still face effective competitive constraints. The transaction will not have the effect of excluding or restricting competition in the relevant market. According to SMM data, before the acquisition, Tongwei had an annual capacity of approximately 830,000 mt, while Lihao had an annual capacity of 150,000 mt. If the acquisition is completed, its annual capacity will reach 980,000 mt, accounting for about 30% of total market capacity. The current polysilicon market is plagued by severe involution, with price "loss of control" and capacity mismatch reinforcing each other. In H1 2026, polysilicon prices once fell to around 30 yuan/kg, and nearly all enterprises faced cash losses. Some believe this move will, to a certain extent, promote enterprises to optimize resource allocation through market-oriented mergers, acquisitions, and restructuring, and to escape low-level, homogeneous "involution-style" competition.

[SMM Silver Weekly Review: Silver Prices Rose Before Falling with a Bearish Weekly Candlestick; Mixed Signals Await New Catalysts to Break the Deadlock] Silver prices rose before falling this week, with the weekly chart posting a medium bearish candlestick. Prices rebounded to yuan/kg 16,188.5 at the start of the week, before being pressured by stronger-than-expected PMI data and geopolitical tensions to pull back to around yuan/kg 15,600 by the end of the week, giving back all of the week's gains. The macro front was supportive early in the week but turned negative later. Spot silver stockpiling ahead of the double holiday briefly boosted trading activity before it faded. Inventory saw a slight buildup of 14 mt, while ETF holdings edged higher. In the absence of clear short-term guidance, silver prices are likely to swing wildly in a wide range.

[SMM Weekly Review: Polysilicon Sees Small Volume of High-Price Deals; Centralized Module Price Decline Widens] This week, China's module prices showed structural divergence, with distributed modules stopping falling and stabilizing while centralized modules saw a wider decline. On the distributed side, enterprise guidance prices remained unchanged, and average transaction prices for all specifications stayed basically flat this week, with only HJT modules edging down 0.0005 yuan/W. Supported by costs and industry self-discipline, module prices do not have much room for a sharp decline and are expected to consolidate in the short term. However, it is worth noting that low-efficiency modules have recently begun shipping rapidly, which to some extent affects the ability of conventional modules to hold prices firm. On the centralized demand side, marginal improvement continued: recent deliveries kept increasing, tenders for some large projects moved forward, and installations and orders both grew. Nevertheless, prices still lacked upward momentum, and the decline for the three specifications actually widened to 0.004 yuan/W this week.